Satellite imagery venture Planet reports record quarterly revenue to cap strong year - CNBC

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The New York Stock Exchange welcomes Planet (NYSE: PL), on Wed. Dec. 8th, in celebration of its listing. To honor the occasion, Will Marshall, Co-Founder & CEO, and Robert Schingler Jr., Co-Founder & Chief Strategy Officer, joined by Stacey Cunningham, NYSE President, ring The Opening Bell®.

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Planet on Wednesday delivered another record quarter of revenue, nearing the top end of its full-year revenue forecast.

"The fourth quarter capped off an incredible year for Planet. For the full year, we nearly tripled our revenue growth rate," Planet cofounder and CEO Will Marshall said in a press release.

The satellite imagery and data analysis company reported an adjusted EBITDA loss of $17.7 million for the fourth quarter, up slightly from a $16.7 million loss in the same period a year ago. Planet brought in $53 million in revenue during Q4, a 43% increase from $37.1 million a year prior.

For the full year, Planet's revenue came in at $191.3 million – at the top end of its previously projected range of $188 million to $192 million.

Planet follows a fiscal year calendar that ends on Jan. 31.

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Planet CFO Ashley Johnson noted that the company finished the quarter with $408.8 million in cash.

The company is also making its sixth acquisition to date, signing a deal to acquire Slovenian satellite data analysis platform Sinergise. Financial terms were not disclosed.

Planet said acquiring Sinergise, a long-standing partner, is expected to further its access to European markets.

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2023-03-29 20:44:06Z
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